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Office of Management and Enterprise Services (OMES) - General Revenue Fund Receipts Climb in All Major Categories
file:///Y|/News_Letters/Newsletters/Revenue%20Report%20OSF/2011-10%20General_Revenue_Fund_Receipts_Climb_in_All_Major_Categories.html[9/21/2012 10:02:13 AM]
Office of Management and
Enterprise Services (OMES)
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Home / News / General Revenue Fund Receipts Climb in All Major Categories
News Release
PRESTON L. DOERFLINGER
Director and Secretary
of Finance and Revenue
MARY FALLIN
Governor
Nov. 15, 2011
For Immediate Release
Media Contact:
RON JENKINS
Public Information Officer
Oklahoma Office of State Finance
(405) 521-3267
General Revenue Fund Receipts Climb in All Major Categories,
Helped by Increased Activity in the Oil Patch
OKLAHOMA CITY — Oil revenue is coming in at a faster pace than last year, providing an unexpected boost to General
Revenue Fund collections, Office of State Finance Director Preston Doerflinger said Tuesday as he released the OSF's monthly
revenue report.
"We saw increases in all major sources of revenue in October and the General Revenue Fund received a deposit from gross
production oil taxes 2 months earlier than occurred in 2010," Doerflinger said.
"Increased production in the oil patch, combined with the addition of thousands of manufacturing jobs in the last several
months, are among the main reasons our economy is performing stronger than most other states," he said.
The state's unemployment rate stood at 5.9 percent in September, compared with a national rate of 9.1 percent. The
heightened activity in the oil fields is illustrated by the fact that, during the first 4 months of the 2012 fiscal year, the state
had 48 to 64 more rigs operating compared with the same four months of 2011.
Total collections to the General Revenue Fund through the first 4 months of FY-2012 were $1,731.8 million. This amount was
$167.4 million and 10.7 percent above first 4 months collections for FY-2011 and $97.1 million, or 5.9 percent above the total
estimate for the same period of FY-2012.
Total collections for the General Revenue Fund in October were $408.1 million. This amount was $24.3 million and 6.3 percent
above collections for the same month in 2010 and $9.3 million or 2.3 percent above the monthly estimate for 2011.
The GRF received a $7.6 million deposit from oil gross production taxes in October after the cap of $150 million was reached
for funds earmarked principally to education.
After the cap is hit, 81.4 percent of oil taxes go into the GRF. A year ago, a dramatic rise in oil prices led to the cap being
reached in December, earlier than expected. This year, the cap was reached four months earlier than anticipated.
"You can't overestimate the impact of a boon in oil drilling as it leads to increases in income, sales and motor vehicle tax
collections, as well as severance taxes," said Doerflinger, Secretary of Finance. "But it's important to remember that pending
energy industry tax rebates and credits this fiscal year will substantially reduce the amount of money that would normally flow
into the General Revenue Fund.
"Overall, we are expecting that Fiscal Year 2013 budget will be relatively flat, which is an improvement over the recent series
of revenue shortfalls linked to the national recession. If oil revenue collections remain strong and natural gas receipts pick up,
our budget outlook could improve. We'll just have to wait and see."
Governor Mary Fallin said, "Oklahoma’s economy and tax revenues have both been growing steadily, and that's great news for
the state. The pro-business, pro-growth policies we have been pursuing are paying off. Additionally, the energy sector in
Oklahoma continues to thrive, creating private-sector jobs while boosting revenues for the state. Moving forward, the
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Office of Management and Enterprise Services (OMES) - General Revenue Fund Receipts Climb in All Major Categories
file:///Y|/News_Letters/Newsletters/Revenue%20Report%20OSF/2011-10%20General_Revenue_Fund_Receipts_Climb_in_All_Major_Categories.html[9/21/2012 10:02:13 AM]
Office of Management and
Enterprise Services (OMES)
Share | Print | Print
Home / News / General Revenue Fund Receipts Climb in All Major Categories
News Release
PRESTON L. DOERFLINGER
Director and Secretary
of Finance and Revenue
MARY FALLIN
Governor
Nov. 15, 2011
For Immediate Release
Media Contact:
RON JENKINS
Public Information Officer
Oklahoma Office of State Finance
(405) 521-3267
General Revenue Fund Receipts Climb in All Major Categories,
Helped by Increased Activity in the Oil Patch
OKLAHOMA CITY — Oil revenue is coming in at a faster pace than last year, providing an unexpected boost to General
Revenue Fund collections, Office of State Finance Director Preston Doerflinger said Tuesday as he released the OSF's monthly
revenue report.
"We saw increases in all major sources of revenue in October and the General Revenue Fund received a deposit from gross
production oil taxes 2 months earlier than occurred in 2010," Doerflinger said.
"Increased production in the oil patch, combined with the addition of thousands of manufacturing jobs in the last several
months, are among the main reasons our economy is performing stronger than most other states," he said.
The state's unemployment rate stood at 5.9 percent in September, compared with a national rate of 9.1 percent. The
heightened activity in the oil fields is illustrated by the fact that, during the first 4 months of the 2012 fiscal year, the state
had 48 to 64 more rigs operating compared with the same four months of 2011.
Total collections to the General Revenue Fund through the first 4 months of FY-2012 were $1,731.8 million. This amount was
$167.4 million and 10.7 percent above first 4 months collections for FY-2011 and $97.1 million, or 5.9 percent above the total
estimate for the same period of FY-2012.
Total collections for the General Revenue Fund in October were $408.1 million. This amount was $24.3 million and 6.3 percent
above collections for the same month in 2010 and $9.3 million or 2.3 percent above the monthly estimate for 2011.
The GRF received a $7.6 million deposit from oil gross production taxes in October after the cap of $150 million was reached
for funds earmarked principally to education.
After the cap is hit, 81.4 percent of oil taxes go into the GRF. A year ago, a dramatic rise in oil prices led to the cap being
reached in December, earlier than expected. This year, the cap was reached four months earlier than anticipated.
"You can't overestimate the impact of a boon in oil drilling as it leads to increases in income, sales and motor vehicle tax
collections, as well as severance taxes," said Doerflinger, Secretary of Finance. "But it's important to remember that pending
energy industry tax rebates and credits this fiscal year will substantially reduce the amount of money that would normally flow
into the General Revenue Fund.
"Overall, we are expecting that Fiscal Year 2013 budget will be relatively flat, which is an improvement over the recent series
of revenue shortfalls linked to the national recession. If oil revenue collections remain strong and natural gas receipts pick up,
our budget outlook could improve. We'll just have to wait and see."
Governor Mary Fallin said, "Oklahoma’s economy and tax revenues have both been growing steadily, and that's great news for
the state. The pro-business, pro-growth policies we have been pursuing are paying off. Additionally, the energy sector in
Oklahoma continues to thrive, creating private-sector jobs while boosting revenues for the state. Moving forward, the
FAQs Contact OMES-Alerts OMES & CORE Calendar RSS Feeds
CIO Comptroller &
Budget
Employees &
Benefits
Central Purchasing Capital Assets
Management
Forms